Private equity investment decisions in family firms: The role of human resources and agency costs |
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Authors: | Alexandra Dawson |
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Institution: | Department of Management, Concordia University, 1455 De Maisonneuve Blvd. West, Montreal, QC, Canada H3G 1M8 |
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Abstract: | This study examines decision making criteria that are employed by private equity (PE) investors selecting family firms. Hypotheses test the likelihood of investment based on family firm characteristics. Findings show that PE professionals take into account family-specific criteria, including human resources and opportunities to reduce agency costs. Furthermore, PE professionals prefer family firms that are already professionalized. This research contributes to the family firm literature on both a theoretical and a methodological level, exploring nonfamily succession routes and employing techniques— conjoint analysis for data collection and multilevel models for data analysis— that have seldom been used in this context. |
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Keywords: | Family Firms Private Equity Decision Making Conjoint Analysis |
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